Accelerate Expansion, Geely Acquires 26.4 Percent Of Renault Shares In Brazil

The Ayrton Senna factory in Smencuruh Dos Pinhais, Paran Marijuana. (Photo: Geely Media Room)

JAKARTA - Geely Automobile Holdings has signed an agreement with Renault Group, with a deal to take 26.4 percent stake in Brazil's Renault do The agreement expands the strategic cooperation between the two brands.

As a minority shareholder, Geely now has access to Brazilian Renault do's industrial and commercial resources, allowing it to accelerate expansion in the region's leading automotive market.

By producing Geely-branded vehicles with Renault vehicles at the Ayrton Senna factory in SryptoDos Pinhais, Paranigh, Renault do Brazil will be able to increase production and further sharpen the competitiveness of this cutting-edge industrial complex. At the same time, Renault will take advantage of Geely's leading new GEA energy architecture to expand its lineup of vehicles with zero and low emissions for the Brazilian market.

Renault Group CEO Total Provost said the partnership announced today with Geely in Brazil marks a decisive step forward in the company's international strategy.

"This partnership builds agile cooperation based on industry excellence and technology leadership. Once again, combining our strengths will make us more competitive, more innovative, and more responsive in the fast-growing automotive market," he said, quoted from his official website, Monday, November 3.

On the same occasion, Chairman Geely Holding Group Eric Li, revealed that the company's ongoing partnership with Renault in exploring the market and new opportunities would create a mutually beneficial situation.

"Because both Renault and Geely are able to take advantage of the scale of global technology to bring the best products to the market," said Eric Li.

From a commercial point of view, Renault do Brazil will distribute Geely Auto's portfolio of zero- and low-emission vehicles in Brazil, opening up new growth opportunities in sales, financing, and services.